- 學位論文
公司控制權交易價值之研究–兼論控制權移轉時對股東權益之保護
A Study on the Value of Corporate Control Transaction - From the Perspective of Shareholders’ Equity Protection
摘要
公司控制權之取得幾乎為現今企業併購最主要之目的，為了取得控制權，於進行控制權交易時，其交易價格隨著公司型態、市場大小、股權集中度、公司經營成果等而有所不同，許多不同價格之名稱也因而產生，如公平價值(fair value)、市場價值(market value)、公司價值(corporate value or firm value)、控制權溢價(control premium)、少數股權折價(minority discount)、商譽(goodwill)等，常為交易中主要討論及談判之標的，此些多為模糊或抽象之概念，亦常被混用。本文主要採文獻分析及比較法方式，主要著眼於控制權交易價值之來源、內涵及其歸屬之理論及法律規範問題之分析，並討論控制權交易中對少數股東權益之影響及應有之保護。 本文第二章介紹控制權之意義及內涵，自控制權之定義、結構及型態加以分析，次以美國法及我國現行法之規定探討關於控制權之判斷標準，再將控制權與類似概念加以比較，以更能釐清控制權之內涵。而後分別自公司理論、公司法原則及經濟效率之角度探討控制權交易之動機。再討論控制權交易之主要方式並論述其對股東權益之影響及可能引發控制權價值爭議之情形。 本文第三章探討控制權價值之來源及其取決因素，再分析控制權之相關成本及可能獲得之利益，並進行成本利益之分析，而探求公司控制權是否具有價值。 本文第四章探討控制權價值之評價及控制權溢價、少數股權折價之意涵，再整理學術上討論關於控制權溢價應否分享之理論及以不同對象角度之簡要經濟分析。 本文第五章以外國實務對控制權溢價及少數股權折價之實務處理原則加以整理，並將著名及重要之實例予以分類並加以分析討論。 本文第六章對控制權交易及其價值之立法規範，分別就美國及我國之規範加以整理，再分析我國規範之可能問題及可檢討之處，再以我國近期案例加以分析檢討。 本文第七章 本章為結論，主要為對我國控制權交易及其價值規範之立法建議及對控制權交易規範之未來展望。
並列摘要
Mergers and acquisitions (M&A) are the major strategies for modern enterprises to enhance the competitiveness and management efficiency. One of the main purposes of M&A is to obtain the corporate control power of the Target Company. This thesis begins by asking “Is the value between controlling shares and non-controlling shares different?” - If the answer is yes, the second question will be “Should the difference, which could be called as control premium, share with minority shareholders or belong to controlling shareholders only?” and “What and how is the fair value for corporate shares in appraisal procedure?” Chapter II will first introduce the definition, types and contents of corporate control, and discusses the judgement rule for getting corporate control. Second, the author will discuss the motivation of corporate control transaction through the nature of corporation, the principle of corporation law, and efficiency. Last, the author will discuss the effects on shareholders equity by the types of corporate control transaction respectively and the main disputes of the value of corporate control. Chapter III focuses on the origin and element of the value of control, and compares the differences between controlling shares and non-controlling shares from its cost and benefit. Chapter IV describes the valuation methods of the value of control, and then introduces the meanings of control premium and minority discount. Besides, the author will try to summarize the theories of scholars and through economic analysis about “Should the control premium share to minority shareholders or not”. Chapter V summarizes the rule of the jurisdiction of U.S.A regarding control premium and minority discount and analyzes some important cases in the U.S.A.. Chapter VI summarizes the present regulations in the U.S.A and Taiwan regarding corporate control transaction and its valuation process. Then the author analyzes a recent case in Taiwan. Chapter VII is the conclusion, besides bringing the suggestions in legislation on corporate control transaction and its valuation in Taiwan, furthermore, the thesis also propose the perspective of this sphere.